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What The Heck is "Flopping?"

Everyone from Bravo stars to Dylan Panthers legend Jason Street seems to be flipping houses these days, but what the heck is "flopping?" Apparently brokers are taking advantage of the major-overhaul trend by underestimating the value of a property, flipping the sucker, and selling it for a huge profit. The Seattle Times has the stats. [Philadelphia Inquirer via Seattle Times]